Aracel Engineering_ Journal Entries, Ledger Accounts And Trial Balance.
| Aracel Engineering completed the following transactions in the month of June. |
| a. | To launch the company, Jenna Aracel, the owner, invested $160,000 cash, office equipment with a value of $8,700, and $64,000 of drafting equipment in exchange for common stock. |
| b. | The company purchased land worth $55,000 for an office by paying $9,000 cash and signing a long-term note payable for $46,000. |
| c. | The company purchased a portable building with $58,000 cash and moved it onto the land acquired inb. |
| d. | The company paid $3,500 cash for the premium on an 18-month insurance policy. |
| e. | The company completed and delivered a set of plans for a client and collected $6,600 cash. |
| f. | The company purchased $31,000 of additional drafting equipment by paying $9,800 cash and signing a long-term note payable for $21,200. |
| g. | The company completed $19,500 of engineering services for a client. This amount is to be received in 30 days. |
| h. | The company purchased $1,500 of additional office equipment on credit. |
| i. | The company completed engineering services for $26,000 on credit. |
| j. | The company received a bill for rent of equipment that was used on a recently completed job. The $1,533 rent cost must be paid within 30 days. |
| k. | The company collected $9,000 cash in partial payment from the client described in transaction g. |
| l. | The company paid $2,400 cash for wages to a drafting assistant. |
| m. | The company paid $1,500 cash to settle the account payable created in transaction h. |
| n. | The company paid $1,165 cash for minor maintenance of its drafting equipment. |
| o. | The company paid $10,590 cash in dividends. |
| p. | The company paid $1,700 cash for wages to a drafting assistant. |
| q. | The company paid $3,300 cash for advertisements on the Web during June. |
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Aracel Engineering_ Journal Entries, Ledger Accounts And Trial Balance
